Bank of Baroda Demat Account: An Overview
Bank of Baroda Demat account is one of the most popular Demat accounts for online stock trading in India.
From the year 1996, banks in India have been offering Demat accounts to customers.
Opening a Demat account is important for anyone who wants to engage in stock trading.
A Demat account is opened with a bank by corporate bodies and individuals interested in online stock trading.
Having a Demat account is a very serious commitment on the part of the customer and the bank’s reputation must be high to earn this commitment.
Demat account in Bank of Baroda are popular among the people because of the high regard they have for the bank.
Bank of Baroda was founded in Gujarat, India over one hundred years ago and has continued to grow ever since.
It has now become India’s third-largest bank in public sector finance. The bank has close to 10,000 branches scattered across India and overseas.
This makes this bank a truly multinational bank. It is therefore not surprising that the bank has a very high reputation.
Most of the bank of Baroda Demat account customers trusted the bank because of its high credibility.
Although many banks in India offer Demat accounts to clients for the purpose of online stock trading, customers do not put equal trust in all these banks.
This is because the reputation of the banks differs. For owners of Demat account in Bank of Baroda, the situation is different.
The customers are willing and happy. This is the reason the customers of Demat account of Bank of Baroda have been growing in numbers.
What is a Demat Account in Bank of Baroda?
A Demat account in Bank of Baroda is an account that contains only the electronic copies of certificates of shares and other securities.
In this way, all forms of transactions involving these financial instruments are handled electronically and in the digital space.
Trading in stocks and shares can now be done via the Bank of Baroda Demat account online, which is good, safe and easy for everyone.
This clearly eliminates the need for and handling of the physical copies of these certificates.
Therefore, a Bank of Baroda Demat account is mandatory for any investor interested in online stock trading.
Depository Participant is where this account is domiciled.
Bank of Baroda Demat Account Online
Bank of Baroda Demat account online is used to hold dematerialised copies of share certificates and that of other securities.
Dematerialising shares and securities is to covert them from physical forms to electronic forms.
Shares have to be dematerialised first before they can be held in a bank of Baroda Demat account.
This is why a Demat account is also referred to as a dematerialised account; it holds only dematerialised shares and securities.
With dematerialisation, an investor does not need to hold the physical share certificates and he will be able to monitor his investments online, from anywhere in the world from his Bank of Baroda Demat account
Why Bank of Baroda Demat Account is Unique
Holding a Demat account in Bank of Baroda is beneficial in many ways. Here are some of the benefits:
- It is cheap to operate and you save money in the process. Trading is done online and so the physical handling of document is eliminated.
That means there will be no need to pay stamp duty and other charges. This is really good for investors who trade stocks online in India.
- The risk of loss, damage, forgery, etc that usually occur with physical certificates of securities is eliminated.
With the Demat account, investors can hold electronic forms of these financial instruments making it safer.
- Stock trading is made safer, easier and simpler. Most operations are completed within very few hours instead of weeks and months.
From share transfer to address change, the operation is seamless and fast.
- It makes stock trading transparent, which is the major benefit of operating a Bank of Baroda Demat Account.
The investor can now track his stocks online in real-time thus eliminating any form of shady deals.
You can check reports and analyse statistics before making any decision. That is not possible in the past when there was no Demat account.
- Stock trading is now very fast and instant because there is no long queue and waiting again.
You can now buy and sell stocks in minutes because transaction is now an instant thing that was not so in the past.
With online Demat accounts, this is now the practice. It is a great idea that saves time and reduces stress.
How to Open Demat Account in Bank of Baroda
Points to Note before Getting Started
- Opening a Demat account in Bank of Baroda involves simple and stress-free processes.
- It is easy for a depository participant of Central Depository Services Ltd and a depository participant of the National Securities Depository Ltd.
- The bank can conveniently provide complete Demat services for all categories of people including the Indians in the Diaspora.
This comprises of individuals, Institutional Investors (local and foreign), Financial Institution, etc. This is unequaled in India.
- The reputation of Baroda bank in India is very high. It has built and sustained it over the years.
- It is one of the leading financial institutions with the highest number of Demat account.
This is because the customers have proved that the bank can be trusted.
- To open a Bank of Baroda Demat account online is completely free.
- Bank of Baroda Demat account charges are minimal, transparent with no hidden charges.
- You must be guided by an investment advisor with a track record in stock market investment to avoid the inherent risks associated with stock trading.
- Make an effort to learn how the stock market works in India and understand Bank of Baroda Demat charges.
There are several online pieces of training where you can learn more about Bank of Baroda Demat charges and how the stock market works in India.
- Don’t open a Bank of Baroda Demat account online unless you have enough knowledge about stocks in India and the performance of the stock market.
Have you prepared yourself and have decided to open a Demat account in Bank of Baroda?
Here are the steps you will follow to have your account up and running in less than an hour.
A Demat account opening in Bank of Baroda Depository Participant requires you to open either a savings or current account with the bank simultaneously.
Hence, you should have extra copies of your document for these two accounts together with the one you will submit with the Demat account application.
Look for the nearest bank of Baroda Demat account branch that handles Demat account.
You can contact bank of Baroda Demat account helpline or check the bank’s website to see the list and choose a branch nearest to you from the list.
Visit the branch of your choice to collect a bank of Baroda Demat account opening form.
You can also download the form online, and ask the bank officials regarding other instructions and information needed to make the application successful.
Complete the Demat account form in utmost good faith.
Submit the completed bank of Baroda Demat account form with all the necessary documents.
Part of the document that will accompany the application is your proof of place of residence or your address.
Other important documents are your recent photograph and your proof of identity.
Don’t forget your PAN card as well. Photocopies of these documents are required for submission.
The bank will only need the original of each document for verification.
Following the verification of your documents and the completion of the application process, your Demat account number will be given to you.
This number is useful for the bank of Baroda Demat account login.
Also Read: Top 10 List Discount brokers in India
Bank of Baroda Demat Charges
Bank of Baroda Demat Charges information comprise of the following:
- Account Opening Charges
- Annual Maintenance Charges abbreviated as AMC
- Pledge Charges
- Transaction Charges
- Remat and Demat Charges
- Failed Instruction Charges
- And other charges as applicable.
The table below shows the comprehensive information about Bank of Baroda Demat charges.
Bank of Baroda Demat Charges Details
|S/No||Area of Banking Services||Demat Account Service Charges|
|1||Charges for opening an Account||FREE|
|2||Demat Account Annual Maintenance Charges(AMC)||General customer: |
For individuals: There will be no charges for all newly opened accounts for the first year.
Rs. 200/- per annum plus GST will be the charges from the second year.
For Non-Individual: The charges will be Rs. 500/- plus GST (as appropriate)
For Staff or Former staff: There is a 50 percent special consideration in Annual Maintenance Charges on a condition that:
The first name of the account holder is bearing the name of a staff or former staff and that is as well in only one Demat account.
For individual: There are no charges for newly opened accounts for the first year.
Subsequently, there is no Annual Maintenance Charges (AMC) to be imposed if the worth of holding is up to Rs. 50000/- in that financial year.
AMC will be charged at Rs.100/- plus GST only, for the worth of up to Rs.50001/- and up to Rs. 200000/- holding in that financial year.
|3||Shares Dematerialisation||There will be a Bank of Baroda charges of Rs.2.00/- for every certificate with the least amount of Rs. 10/- plus GST and the real postage|
|4||Rematerialisation||NSDL Demat Account: Bank of Baroda Demat charges of 10 INR plus GST and normal postage rate are charged for each of the hundred securities or fraction thereof.This charge is subject to a parallel payment of Rs. 10/- plus GST plus actual postage on each certificate or a maximum payment of Rs. 5,00, 000/- depending on which is more.|
CDSL Demat account: The charge is Rs. 30/- + GST plus the actual postage per certificate.
|5||Other Terms & Conditions||On the 1st of April each year, AMC will be paid in advance on monthly prorate basis in newly opened accounts and afterward.|
The refund of AMC when a Demat account is closed will be on quarterly basis. For example, the refund of Annual Maintenance Charge will be valid for December and March of the fiscal year, if a Demat account is closed in July.
The service (s) not in the above list will be charged independently.
All the above Bank of Baroda Demat charges are applied homogeneously to individuals and Non-individual, with the exception of if AMC are not the same for individuals and Non-individuals.
These charges are subject to revision from time to time at the discretion of the bank.
|6||Transaction Charges||General Customers: The Bank of Baroda charge in this case is 0.03 percent of market worth subject to the least amount of Rs. 20/- plus GST on every transaction0.03 percent of market worth is charged for commercial papers and debt instruments, subject to the lowest amount of Rs. 20/- plus GST for each transaction.|
BCML customers: For every debit instruction, Transaction charges at Rs. 15/- plus GST is applicable.
|7||KRA Charges or KYC Registering Agency Charges||KRA is charged at 40 INR + GST in addition to the real postage for latest KYC information to be uploaded|
KRA is charged at 40 INR in addition to GST for every download.
KRA charges at Rs. 30/- plus GST in addition to actual postage is applied for amendment in KRA of the current client.
|8||Pledge Creation||There is a charge of Rs. 50/- plus GST for every ISIN for each request|
|9||Pledge Creation Confirmation||Bank of Baroda Demat charges for pledge creation for confirmation is Rs. 25/- plus GST for every ISIN per request|
|11||Pledge Closure Confirmation||Nil|
|12||Pledge Invocation||Bank of Baroda Demat charges for pledge invocation is Rs. 25/- plus GST for every ISIN for each request|
|13||Failed Instruction Charges||No Fee|
|14||Other Bank of Baroda Demat Charges||A charge of Rs. 5/- plus GST for every request for supplementary account statement. |
A charge of Rs. 50/- plus GST for every request for sign confirmation or any other freeze and unfreeze certificate.
Free of cost for ten leaves of DIS booklet when the account is opened and after that DIS will be issued at Rs. 20/- plus GST for every booklet of 10 leaves for General customer.
Only two DIS slips will be issued to a BSDA customer at the time of opening a Demat account.
There will be charges of Rs. 30/- plus GST for every request for changes of address or ECS.
|15||Overdue Charges||There will be an interest payable for the payment of services charges at 13 % per annum plus GST after due date.|
|16||Charges for Transfer of Securities from one Depository Participant (DP) to another Depository Participant (DP) following closure of an account||There are no charges levied as a result of closure of account when the BO aka Beneficiary Owner moves all the available securities in this account to another Branch of the matching Depository Participant or to a Depository Participant of the similar depository or a different depository, provided the Beneficiary Owner (BO) accounts at transferee Depository Participant and at transferor Depository Participant are identical in all ramifications.|
|17||Statutory Charges when an Account is Opened||No Charges|
Bank of Baroda Demat account is necessary for online stock trading in India.
Corporate bodies and individuals in and outside India can have Bank of Baroda account online.
A Demat account in Bank of Baroda contains only the electronic copies of shares certificates allowing for electronic transactions involving these instruments.
To open Demat Account in the bank of Baroda is easy, fast and completely free. You can contact the bank of Baroda Demat account branches or any of the banks of Baroda account helpline.
If you decide to open a Demat account in Bank of Baroda you will be making a smart decision.
All over India, the demand for Baroda bank Demat account is very high.
This is because Baroda Bank is a leading bank with a high reputation, excellent services, and a good team.
They have the best offerings. Go for the best!